Washington Trust Provides $11.8 Million in Commercial Financing for Construction of 72-Unit Apartment Complex in Waterford, CT

WATERFORD, Conn., July 2, 2019 /PRNewswire/ -- Washington Trust's Commercial Real Estate Group recently provided $11.8 million to Waterford Parc, LLC, for the construction of a 72-unit apartment complex in Waterford, Connecticut. Located just off Waterford's main retail corridor of Route 1, the property is a low-rise development containing three buildings, each of which is three stories in height. The apartments include 36 one-bedroom units and 36 two-bedroom units, each ranging in size from 845 to 1,140 square-feet. The property also features a large clubhouse, fitness center, recreation area, and in-unit washers and dryers.

"Washington Trust is appreciative of the opportunity to work with the principals of Waterford Parc on bringing these well-appointed units with fabulous amenities to the Waterford market," said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust's Commercial Real Estate Group.

Waterford Parc, LLC is a CT limited liability company.

Washington Trust's Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contact Timothy Pickering, Senior Vice President, Commercial Real Estate Group, at 401-348-1482 or 1-800-475-2265 ext. 1482.

ABOUT WASHINGTON TRUST^®

Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., WASH. Additional information on Washington Trust and its subsidiaries can be found at https://www.washtrust.com/.

SOURCE Washington Trust